Discussing another firm's merger with my own and another partner said, "that firm (the merging firm) was shopped, and that's all I want to say about that." What does "shopped" mean in this context? He obviously didn't want to keep talking about it so I didn't ask in the moment, but not knowing is bugging me. Anyone know?

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“Shopped” = marketed for sale/acquisition to various potential acquirers.

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This is the correct response.

Shopped = put up for sale/people kicked or are kicking the tires.

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I think “shopped” in this context was that this firm was desperate for a merger for whatever reason (probably shaky financials/not that attractive)

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That makes sense. Thank you!

I have heard of firms that "shop around" for a merger, but never "shopped."

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Could mean that someone from your firm engaged (or initiated engagement without actually engaging) the other firm on a matter to see what the service was like.

That’s how we used to use the phrase when I worked at the front desk of a hotel and we would be asked to call around to other hotels to check on availability and rates.

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